Women Bank hailed for promoting young entrepreneurs

The Prime Minister, Mizengo Pinda, has praised the Tanzania Women's Bank (TWB) for providing loans with concessional terms to young entrepreneurs, saying the bank was becoming instrumental in the government efforts to boost small and medium-sized enterprises.

Launching a TWB branch at Kariakoo and a telephone banking system, the premier urged the beneficiaries of the loans to return them on time to enable the bank provide the loans to more aspirants.

Mr Pinda said he was satisfied with the bank’s operations in terms of repayment of loans whereby about 86 per cent of all loans are returned.

He called on the bank's customers to take full advantage of the opportunities for loans which are provided with the lowest interest rates available.

"I take this opportunity to remind borrowers that the credits are not a gifts. These loans must be returned in accordance with its procedures so everyone knows he or she has an obligation to repay his debt properly," insisted the premier.

The Minister for Community Development, Gender and Children, Ms Sophia Simba urged Tanzanians to join the bank in order to benefit from the opportunities available. She said despite being called the TWB, men were also allowed to join.

The Managing Director of the bank, Ms Margareth Chacha, said the bank has provided loans to 13,000 entrepreneurs worth 16m/- and that among those women who benefit is 83 per cent and men are 17 per cent.

She said the group loans are provided on concessional terms, low interest rates of 12.5 per cent and is provided without guarantee to those customers.

Ms Margareth said the bank which was launched by President Jakaya Kikwete in 2009 caters for both men and women and its motto is "Bank One for All."

Chairman of the Board of TWB, Nyasama Mohamed said the bank has been allowed to set up various centres offering training and give small loans for entrepreneurs.

She said currently TWB has already developed lending operations in Mwanza and Dodoma, where more than 5,000 entrepreneurs have benefited from bank loans.